Apple launches “Buy now, pay later” service. Should you try it?

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Apple Pay Later will be available in the next iOS 16 update.

Key points

  • Buy Now, Pay Later services provide a convenient way to spread the cost of a purchase.
  • Apple will soon offer its own BNPL service called Apple Pay Later.

Buy now, pay later services are becoming increasingly popular as consumers seek alternative ways to finance their purchases. Apple is joining its own buy now, pay later service called Apple Pay Later, which will be available to Apple users. The technology brand has announced its intention to introduce this service in the coming months. Should you try?

Saving money, recharging your credit card, and then paying it off in full is one way to finance a purchase. But this is not the only option. Buy Now, Pay Later services allow consumers to make a purchase and pay it back in instalments.

You can get 0% APR for a limited time with these services, which makes financing affordable. However, this is not always the case.

Some BNPL plans have high interest rates and charge other fees like late payment fees. It is important to review all terms before using these services.

Our research shows that over 50% of adults have tried BNPL services, and it is likely that this number will continue to increase as these services become more widely available.

Apple launches Apple Pay Later

Earlier this month, Apple highlighted major improvements and new features in its next software update, iOS 16, which will be available later this fall.

Apple Pay Later is a new feature that will be added to Apple Wallet. US users will be able to split the cost of an Apple Pay purchase into four equal payments spread over six weeks. During these six weeks, there will be no interest charges and no fees.

Apple users can track their Apple Pay Later spending and make in-app payments. Apple Pay Later will be available wherever Apple Pay is accepted online or in the Apple Wallet app.

This could offer Apple users a convenient way to pay for purchases without worrying about costly credit card debt. It’s worth noting that you’ll need to be approved to use Apple Pay Later – so this service won’t be available to all consumers.

Should you use Apple Pay Later?

If you can afford to repay expenses within six weeks, Apple Pay Later could be an easy way to fund purchases you make with Apple Pay. Always consider your personal financial situation before making a purchase.

Since you will need to be qualified to use this service, you will first want to make sure that your credit score and financial situation are in good standing. If you have a lot of debt or a bad credit rating, you may not be approved.

The good news is that you can take steps to build your credit and improve your finances. It’s never too late to make positive changes in your life.

When used with care, credit cards can be another way to finance purchases and build credit. With the right credit card, you can also earn valuable rewards. Check out our list of the best credit cards if you’re looking for a new credit card.

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